EBF points out practical issues with FATCA

On 22 February 2019, the European Banking Federation (“EBF”) wrote a letter to the U.S. Department of Treasury to highlight issues in complying with the Foreign Account Tax Compliance Act (“FATCA”) (Link). According to the EBF statement, the relief provided in guidance (Notice 2017-46) for financial institutions that must collect taxpayer identification numbers is insufficient. Therefore, the EBF requests permanent relief based on its suggested guidelines.

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